1. Field of the Invention
The present invention relates generally to an electronic money system and an electronic money terminal used therein, and more particularly to an electronic money system, as well as to an electronic money terminal, operative with the use of a portable electronic device which is typically but not exclusively an information card storing monetary value data. The invention also is concerned with a transaction method which uses the electronic money system.
2. Description of the Related Art
A cash card or credit card issued by a bank or a credit company when used requires a salesclerk at a store equipped with a compatible card terminal to operate the card terminal to read the card number stored in a magnetic stripe on the card and to enter the amount of the sales.
The card terminal then forms a connection with a management computer of a bank or credit company and sends information, such as the card number and the amount of the sales, to the management computer. The management computer manages such information as expiration dates, transaction limits, and loss and theft, for each card a user carries, and determines whether the card transaction is allowable based on the information regarding the card number and the amount of the transaction sent from the card terminal via communication lines. When a card transaction is allowable, the management computer sends back information to that effect and debits the transaction amount from the designated account.
As seen from the above, the system using a cash card or credit card requires transmitting a card verification request from a card terminal to the management computer of the bank or the credit company each time the user uses the card. The conventional system thus has a disadvantage of requiring the connection forming process, making the process of card transaction somewhat cumbersome.